Is the Irish Deposit Guarantee Per A/C or per Person

Hi Folks,

Can I ask a very quick question.

I understand currently savings within Irish Banks, Credit Union or the Post Office are guaranteed up to €100,000 by the Irish government.

However is this per account or per person i.e. if you have €80,000 in three different accounts is the full €240,000 covered currently??

Thanks

The maximum you can claim is €100,000 for each institution in the scheme. The scheme works by adding up all the deposits you have with that institution, including your share of any joint accounts. If you have more than €100,000 with an institution, you will still only be entitled to a maximum of €100,000. You may be entitled to additional compensation under the Government Guarantee if you have more than €100,000 on deposit with one institution.

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Dman35 said:

Hi Folks,

Can I ask a very quick question.

I understand currently savings within Irish Banks, Credit Union or the Post Office are guaranteed up to €100,000 by the Irish government.

Click to expand...

Hi there,

That is not correct.

With regard to the 4 guaranteed Irish banks and also with the NTMA "An Post" deposits:
100% of your amount is guaranteed by the state regardless of the amount and regardless of how much is in any one bank. It does not matter if your deposit is 80,000 EUR or 200,000 EUR or 1,000,000 EUR, it is all guaranteed by the Irish state. As discussed elsewhere, many people have questioned the ability of the state to back up the guarantee.

Thanks for the replies..

The guarantee is per person. So if you have a joint account with someone, 200,000 euro is guaranteed, provided you don't have any other accounts with the same bank.

Be careful with which banks are "the same" - some banks trade under different names but are considered the same unit and the guarantee only covers the first 100,000 euro held in all of them together. I am not sure which banks are like that but it's worth investigating if you have more than 100,000 euro and want to spread it around different banks for safety.

@Greta - Sorry but that is also not correct.

It does not matter if your money is in
a joint account or
a single account or
if you have 100,000 EUR or
200,000 EUR or
1,000,000 EUR or
if your money is with one of the guaranteed banks or
more than one of the guaranteed banks.

It is all guaranteed like most of the banks liabilities

Again, the ability of the state to support this has been discussed at length here.